Keybank National Association, based in Ohio, has reduced its investment in United Rentals, Inc. (NYSE: URI) by 15.9% during the second quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor sold 310 shares, bringing its total holdings to 1,634 shares valued at approximately $1,231,000.
This adjustment comes as several other institutional investors and hedge funds have also re-evaluated their positions in United Rentals. Notably, Oversea-Chinese Banking Corporation Limited acquired a new stake in the company during the same quarter, valued at around $298,000. Meanwhile, Roundview Capital LLC increased its holdings by 9.2%, now owning 5,909 shares worth $4,452,000 after purchasing an additional 496 shares.
Callahan Advisors LLC and Nisa Investment Advisors LLC also enhanced their stakes. Callahan Advisors increased its holdings by 2.3%, owning 11,584 shares valued at $8,727,000, while Nisa Investment Advisors raised its investment by 6.6%, now holding 20,362 shares worth $15,341,000. First Citizens Bank & Trust Co. saw the most significant increase, boosting its holdings by 119.7% to 1,428 shares valued at $1,076,000.
Institutional investors now own 96.26% of United Rentals’ stock, indicating strong support from financial institutions.
Market Performance and Upcoming Dividend
As of Monday, shares of United Rentals opened at $873.07, reflecting a 1.6% increase. The company reports a debt-to-equity ratio of 1.40, a quick ratio of 0.84, and a current ratio of 0.90. Over the past year, the stock has fluctuated significantly, with a low of $525.91 and a high of $1,021.47. The company’s market capitalization stands at $55.55 billion, with a price-to-earnings ratio of 22.46 and a price-to-earnings-growth ratio of 1.97.
United Rentals also recently announced a quarterly dividend, scheduled for payment on November 26, 2023. Shareholders of record on November 12, 2023 will receive a dividend of $1.79 per share, which represents an annualized dividend of $7.16 and a yield of 0.8%. The company’s payout ratio is noted at 18.42%.
Analyst Ratings and Future Outlook
Several equity analysts have provided updated ratings and price targets for United Rentals. Evercore ISI reiterated an “outperform” rating on August 19, 2023. On October 24, Truist Financial set a price target of $1,169.00, while Royal Bank of Canada also established a target of $1,123.00. BNP Paribas set a target of $900.00 and rated the stock as “neutral.”
Currently, two analysts have rated United Rentals with a Strong Buy, twelve have issued a Buy rating, five have rated it as a Hold, and one has assigned a Sell rating. According to MarketBeat, the average rating for United Rentals is “Moderate Buy,” with a consensus target price of $974.47.
United Rentals operates as an equipment rental company through its subsidiaries, specializing in two segments: General Rentals and Specialty. The General Rentals segment provides a wide range of construction and industrial equipment, including backhoes, forklifts, and aerial work platforms, serving various sectors from construction to municipalities.
For those interested in tracking further developments or changes in investment positions, more information on institutional holdings can be found through financial platforms that track SEC filings and insider trades.
